· Global e-commerce giant working on equipping its popular virtual assistant with ability to make payments
· Users would be able to send payments with Alexa voice commands
· Project in early stages, but would rival PayPal's Venmo platform
With the rising popularity of virtual assistants, global e-commerce leader Amazon is looking to expand its VA technology into the payments market.
According to recent reports, Amazon is currently exploring ways to use its Alexa virtual assistant to establish a person-to-person payments platform that would let users transfer funds to friends and family.
The Seattle-based company’s payments expansion is still in very early planning stages, however, and officials note that breaking into the payments market is a complex process. Because Alexa would need to access users' private banking information, setting up the new technology would likely take some time to ensure the security of transactions.
Along with enabling cash transfers through Alexa, Amazon is also looking at using cars equipped with Alexa to pay for gas with voice commands and is in talks to set up Alexa-based payment accounts for in-store retail purchases.
Amazon CEO Jeff Bezos has been pushing the company further into financial services since last year, making it a key focus for the online retailer. As a result, Amazon has undergone significant internal restructuring, adding Amazon Pay, a digital wallet product, to its Alexa technology.
The international payments industry has traditionally been dominated by major banks alongside conventional financial institutions and companies like Visa, Western Union, and American Express. But recent growth and partnership moves by fintech firms and digital startups have caused a major industry shift.
Over the past few years alone, major tech companies like Alibaba, Google and Apple have all introduced payment platforms designed to make sending cross-border payments or making purchases easier and more convenient for consumers.
